LINK · 1H · DOWNTREND

The dominant structure here is a clean series of lower highs and lower lows from the ~10.00 area all the way down to the ~6.80 lows — that's a sustained multi-week downtrend with no structural break yet. Since the June 6 capitulation low, price has been grinding sideways to slightly higher in a choppy recovery range between roughly 7.40 and 8.20. Right now price is poking at 8.183, which is sitting right at what I read as the top of this consolidation range and a prior breakdown zone from early June. This is not a breakout — it's a test of resistance in a downtrend. I'm not chasing the bounce here. The recovery has been low-momentum and overlapping, classic corrective structure. My bias stays short, and I'm waiting for price to reject this ~8.20 zone before pressing the trade. If it rolls here, the path back toward 7.40 support is wide open.

No live news context is relevant to LINK's price action — I'm reading this purely off structure.

Setup: SHORT (conditional on rejection at resistance)

- Entry: 8.20

- Stop Loss: 8.45

- Take Profit 1: 7.80

- Take Profit 2: 7.40

- Risk/Reward: 1.6:1

- Confidence: MEDIUM